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3823.T$37.00+2.78%
Fair $37.00+0.0%

3823.T

THE WHY HOW DO COMPANY, Inc.

Technology / Software - ApplicationTokyo

$37.00

+1.00 (+2.78%)

Fairly Valued+0.0%Fair Value $37.00Fund rank 30/100 · Data gapFallback financials|
SA 26/D
F-Score: 6/9
Low Profitability

FCF base 3Y

n/d

n/d CAGR · yield n/d

FCF base 5Y

n/d

n/d base · n/d expected

Precio de entrada

n/d

MOS 33% · confianza 21%

FCF escenarios

weak_data · normalized FCF $-421.6M · quality 60.0/100

Data gap 30/100
Bear 5Yn/dn/d
Base 5Yn/dn/d
Bull 5Yn/dn/d
Return 0/100Downside 20/100Model quality 24/100Data QA 20/100

Ranking barato/determinista: CAGR esperado 5Y + downside bear + calidad del modelo + balance + capital allocation + data gate. No entra en buy-candidate si la data es débil o el CAGR 5Y no compensa.

Quality + valuation scorecard

SA Score

26/100

D

Piotroski

6/9

balance/quality

Valuation

50/100

+0.0% upside

5Y CAGR

+0.0%

50/100

Data QA

16/100

SEC 0%

Latest source: unknownPeriods: 4Warnings: 1unknown: 4
No SEC-backed annual rows; valuation uses fallback financial data. Insufficient audited annual history (<3 SEC-backed years); composite fair value and forward targets are disabled until manually verified. ROE is -4.5%, below the 5% threshold
Thesis & Journal · 3823.TLocal privado en este navegador · THE WHY HOW DO COMPANY, Inc.
Plantilla tipo buy-side: tesis, bull/base/bear, catalizadores, riesgos, kill criteria y fecha de revisión. Esto no gasta GPT-5.5; luego lo usamos como contexto del memo.

Sin guardar todavía.

Market Cap

$4.9B

P/E

N/A

•

EV/EBITDA

58.2x

↑

ROE

-4.5%

↓

Gross Margin

51.4%

↑

Debt/Equity

0.22

↑
52-Week Range$37
$35$157

TradingView lightweight chart

3823.T price, volumen y niveles de valoración

Último $37.00Periodo -97.8%
Fair value: $37.00

Price & Ratios

Absolute Values (Left Axis)

Ratios / Percentages (Right Axis)

Financial statement dashboard

Crecimiento, márgenes y provenance

2022–2025 · 3 años de histórico normalizado

Revenue CAGR

+24.0%

FCF CAGR

—

FCF margin

-6.5%

FCF / Net income

1.64x

Latest source

Provider fallback

Margin decomposition

Último año: revenue $1.75B · net income $-69.0M · FCF $-113.3M

2022-FY → 2025-FY

Gross margin

51.4%+11.3% pts

Operating margin

-4.2%+13.4% pts

Net margin

-3.9%+39.9% pts

FCF margin

-6.5%+12.2% pts
MetricTTM
2025
2024
2023
2022
Income Statement
Revenue$1.75B$1.75B$747.6M$941.1M$919.1M
Net Income$-69.0M$-69.0M$-961.6M$-347.5M$-403.3M
EBITDA$44.7M$44.7M$-928.7M$-298.2M$-324.3M
EPS-0.73-0.73-17.60-10.02-12.66
Gross Margin51.4%51.4%47.5%33.9%40.1%
Operating Margin-4.2%-4.2%-33.2%-25.9%-17.6%
Net Margin-3.9%-3.9%-128.6%-36.9%-43.9%
Balance Sheet
Debt/Equity0.220.220.610.440.38
Current Ratio2.452.45———
Cash Flow
Free Cash Flow$-113.3M$-113.3M$-844.1M$-421.6M$-171.9M
Returns
ROE-4.5%-4.5%-126.5%-45.8%-36.8%
Valuation
EV/EBITDA58.1758.17———
P/B2.272.272.094.074.30
Growth & Yield
Revenue Growth134.3%134.3%-20.6%2.4%—
EPS Growth95.9%95.9%-75.6%20.9%—

Revenue, Net Income & Free Cash Flow ($B)

Margins (%)

Returns (%)

Leverage & Liquidity

Reverse DCF · market-implied EPS growthterminal P/E 15.0x · COE 10.0%
Reverse DCF requires positive EPS; loss-making or zero-EPS companies cannot produce a clean EPS hurdle.

Qué te dice: cuánto EPS CAGR está descontando el precio si sales al múltiplo terminal indicado. Si el growth observado queda por debajo, el mercado está pidiendo una ejecución muy fina.

Return attribution · 1Y approxreconcilia total -67.3%

Total return

-67.3%

Start / end P/E

n/dx → n/dx

EPS bridge

-17.60 → -0.73

Residual

-67.3%

EPS growthn/d
Multiple reratingn/d
Dividend+0.0%
Residual / FX / buybacks / cross-term-67.3%

EPS/multiple decomposition requires positive EPS at both endpoints; residual absorbs price move not explained by dividends.

Simple additive decomposition: total return = EPS growth contribution + P/E multiple contribution + dividend contribution + explicit residual. The residual captures cross-terms, buybacks/share-count effects, FX, special dividends, data noise and methodology mismatch so the bridge always reconciles.